Chaarat Gold (LON:CGH) has told investors that review processes are currently underway as it concludes its definitive feasibility work for its proposed mine in the Kyrgyz Republic.
The company in June highlighted challenges arising from its use of a Chinese contractor for the definitive feasibility study; namely the translation of a large volume of work from Chinese to Russian, and regulatory sign-off of the work in China.
Today, Chaarat said that following the translation work a review is now underway to ensure to ensure compliance of the proposed mine design with local regulations. At the same time meetings are planned, over the next few weeks, in China in regards to Chinese regulatory standards.
The company said it will inform investors of timings for the completion of the DFS once these meetings have concluded.
Dekel Golan, Chaarat’s chief executive, in a statement said: “I reported in June that the DFS remained on track for delivery imminently.
“We understand and share the frustration of our shareholders that the DFS is not yet available. We are doing our best to complete the work as soon as possible and certainly do not take for granted the exemplary patience of our supportive shareholders.”
Chaarat also told investors that the group’s proposed mine development has been strongly supported by local communities and that, following an organised trip for local community leaders to a similar open pit heap leach operation in Turkey, they voted in support of the project at a public hearing last month.
On the ground, meanwhile, the company has had a contractor processing alluvial gold from the areas proposed for infrastructure, this ‘sterilisation’ process has thus far produced more than six kilograms of gold so far.